While most of Singapore was sleeping, the US Federal Reserve raised its interest rates yet again. The latest hike is the fourth since March this year.
To put it simply, institutions needed money to stay afloat, and this lowered interest rate made funds a lot more accessible. However, Sibor is currently being phased out. The six-month Sibor was discontinued on March 31, 2022. The more commonly used one-month and three-month Sibor is due to stop after Dec 2024.
Since then, things have obviously changed drastically and this has a very direct impact on the home loans that Singaporean homeowners are currently servicing. For instance, 3M SORA interest rate in January this year was 0.194 per cent. But the 3M Sora as at July 29, 2022 is 1.2295 per cent. It is during times like this that the security of taking up a Fixed Rate home loan package presents itself as the safer choice. This way, you won’t be disadvantaged by high floating interest rates. If you’re looking to buy a new home, it is important that you carefully considerHowever, if you’re looking to get out of you SIBOR or SORA-linked home loan, you can consider4.
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Source: YahooSG - 🏆 3. / 71 Read more »